Issue link: https://digital.canadianlawyermag.com/i/55013
committee disclosure, including new requirements to report meeting attendance records and revised sub- stantive requirements relating to audit committees. NI 51-103 would introduce a mid-year report that incorporates the required six-month interim financial report, together with associated MD&A. The require- ment to file three and nine months interim financial statements and MD&A would be eliminated. Howev- er, issuers would have the option to file those financial statements. The six-month reporting standard is con- sistent with requirements of many reporting regimes outside of North America. NI 51-103 would eliminate Business Acquisition Reports and modify current reporting requirements to introduce requirements for timely disclosure of materi- al related entity transactions and material acquisitions. These reports would be integrated with current ma- terial change reporting requirements. Material acqui- sitions would still require the filing of financial state- ments, although this would only be required for acqui- sitions where the value of the consideration transferred equals 100% or more of the venture issuer's market capitalization, rather than the current balance sheet and income tests. SECURITIES OFFERINGS The proposed rules also address venture issuer secu- rity offerings. Proposed revisions to National Instru- ment 44-101 Short Form Prospectus Distributions would permit the incorporation of annual reports by reference into a short form prospectus. As a result, all venture issuers will be qualified to file short form pro- spectuses. Under the current regime, only venture is- suers that elect to file an annual information form are eligible to file a short form prospectus. Mining issuers should note that proposed amendments to NI 43-101 would make the filing of a preliminary short form pro- spectus by a venture issuer a trigger for filing a techni- cal report. The proposal would revise National Instrument 41- 101 General Prospectus Requirements to introduce a new long form prospectus form for venture issuers that more closely conforms to the proposed continuous disclosure regime, and which requires only two years of audited financial statements. Other amendments would permit the annual report to be incorporated by reference into the TSXV short form offering docu- ments and the qualifying issuer offering memorandum in National Instrument 45-106 Prospectus and Regis- tration Exemptions. The proposals represent a significant shift for ven- ture issuers and those lawyers serving them. The pro- posed amendments were published with a request for comments on the proposals by October 27, 2011. Gavin Stuttard Halifax, NS 902.444.1709 gstuttard@stewartmckelvey.com Tauna Staniland St. John's, NL 709.570.8842 tstaniland@stewartmckelvey.com INSURANCE LEGISLATION IN ATLANTIC CANADA By Scott Norton, Q.C. tion in Atlantic Canada in the following areas: limits of coverage; accident benefits; coverage for uninsured or underinsured motorists; and caps on damages for pain and suffering. The information provided is based on the legislation in existence to date. I The applicable statutes are: Prince Edward Island nsurance legislation is similar across the Atlantic Provinces, where Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador each have independent jurisdiction over auto insurance and separate legislation. This article summarizes insurance legisla- Insurance Act, R.S.P.E.I. 1988, c. I-4; New Bruns- wick Insurance Act, R.S.N.B. 1973, c. I-12; New- foundland and Labrador Automobile Insurance Act, R.S.N.L.1990, c. A-22; and Nova Scotia Insurance Act, R.S.N.S. 1989, c. 231. LIMITS OF COVERAGE: THIRD PARTY LIABILITY Insurers must provide minimum coverage of $200,000 for third party liability in Prince Edward Island, New Brunswick, and Newfoundland and Labrador, and a minimum of $500,000 in Nova Scotia. DOING BUSINESS IN ATLANTIC CANADA FALL 2011 5